Kornitzer Capital Management Inc. KS Sells 10,932 Shares of ExxonMobil Corporation $XOM

Key Points

• Kornitzer Capital Management cut its ExxonMobil stake by 10,932 shares, or 1.7%, in the third quarter, ending with 640,112 shares valued at about $104.2 million.
• ExxonMobil beat quarterly estimates, reporting EPS of $4.23 and revenue of $110.5 billion; it also raised its quarterly dividend from $1.03 to $1.07 per share.
• Analyst views are mixed: the consensus rating is “Hold” with a $170.38 average price target, while DZ Bank downgraded the stock to “Sell.”

Kornitzer Capital Management Inc. KS decreased its holdings in shares of ExxonMobil Corporation (NYSE:XOM - Free Report) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 640,112 shares of the oil and gas company's stock after selling 10,932 shares during the period. ExxonMobil makes up about 1.9% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 9th largest position. Kornitzer Capital Management Inc. KS's holdings in ExxonMobil were worth $104,178,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Boston Trust Walden Corp bought a new stake in ExxonMobil during the 3rd quarter valued at $76,285,000. Assetmark Inc. lifted its position in shares of ExxonMobil by 8.3% during the first quarter. Assetmark Inc. now owns 492,309 shares of the oil and gas company's stock worth $83,525,000 after acquiring an additional 37,666 shares in the last quarter. Charles Schwab Trust Co boosted its holdings in shares of ExxonMobil by 392.9% in the second quarter. Charles Schwab Trust Co now owns 122,223 shares of the oil and gas company's stock worth $16,710,000 after acquiring an additional 97,424 shares during the period. CV Advisors LLC boosted its holdings in shares of ExxonMobil by 126.7% in the second quarter. CV Advisors LLC now owns 11,589 shares of the oil and gas company's stock worth $1,584,000 after acquiring an additional 6,478 shares during the period. Finally, Partners Wealth Management LLC bought a new position in shares of ExxonMobil in the third quarter worth $3,317,000. 61.80% of the stock is owned by institutional investors.

Key ExxonMobil News

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: Citigroup and TD Cowen analysts reportedly see potential for further share-price appreciation, providing a bullish counterweight to the downgrade. Citigroup Forecasts Strong Price Appreciation for ExxonMobil TD Cowen Analyst Expects ExxonMobil Stock to Rise
• Positive Sentiment: ExxonMobil’s Uaru project is expected to unlock additional supply capacity in Guyana, supporting the company’s long-term production outlook in a growing oil-producing market. IMF Projects Strong Guyana Growth as Uaru Adds Supply Capacity
• Positive Sentiment: A fund manager with about $5.87 billion under management is described as betting big on ExxonMobil, which may reinforce confidence among investors watching institutional positioning. A $5.9 Billion Fund Is Betting Big on ExxonMobil
• Neutral Sentiment: ExxonMobil and Shell are reportedly exploring a sale of their Infineum joint venture, potentially a multi-billion-dollar transaction. A sale could reshape the portfolio, but its impact depends on the terms and use of proceeds. ExxonMobil and Shell Reportedly Explore Infineum Sale
• Negative Sentiment: DZ Bank’s downgrade was followed by reports of declines in XOM shares, making the rating change a near-term negative catalyst. The coverage does not provide the specific rationale or revised price target. ExxonMobil Gets a Downgrade from DZ Bank

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on ExxonMobil from $182.00 to $189.00 and gave the company an "equal weight" rating in a research note on Monday, November 2nd. DZ Bank downgraded ExxonMobil from a "hold" rating to a "sell" rating and set a $170.00 target price for the company. in a research note on Wednesday. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $178.00 target price on shares of ExxonMobil in a report on Tuesday, October 20th. Wall Street Zen upgraded ExxonMobil from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, BMO Capital Markets upped their price target on ExxonMobil from $160.00 to $170.00 and gave the company a "market perform" rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $170.38.

ExxonMobil Stock Up 0.3%

XOM opened at $165.81 on Friday. The company has a fifty day moving average price of $168.83 and a 200-day moving average price of $155.41. The firm has a market capitalization of $676.38 billion, a P/E ratio of 17.04, a price-to-earnings-growth ratio of 0.82 and a beta of 0.16. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.19 and a quick ratio of 0.92. ExxonMobil Corporation has a one year low of $114.19 and a one year high of $188.50.

ExxonMobil (NYSE:XOM - Get Free Report) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $4.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.12 by $0.11. ExxonMobil had a return on equity of 16.63% and a net margin of 10.24%. The company had revenue of $110.50 billion for the quarter, compared to the consensus estimate of $104.89 billion. During the same quarter last year, the business posted $1.88 earnings per share. Equities research analysts expect that ExxonMobil Corporation will post 13.34 earnings per share for the current fiscal year.

ExxonMobil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Monday, November 16th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, November 16th. This is a positive change from ExxonMobil's previous quarterly dividend of $1.03. This represents a $4.28 annualized dividend and a yield of 2.6%. ExxonMobil's dividend payout ratio (DPR) is presently 43.99%.

ExxonMobil Company Profile

ExxonMobil is an integrated energy and chemical company with operations spanning the oil and natural gas value chain. Its businesses explore for and produce crude oil and natural gas, refine and market fuels, and manufacture chemicals and other specialty products.

The company's products include gasoline, diesel, jet fuel, lubricants, petrochemical feedstocks and materials used in a wide range of consumer and industrial applications. ExxonMobil also pursues lower-emission solutions, including carbon capture and storage, hydrogen and lower-emission fuels.

ExxonMobil serves customers and operates in markets around the world.

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